Client Relationship Summary MERRILL~

A BANK OF AMERICA COMPANY

Effective June 30, 2020

Access supplemental materials by clicking on the links below or visiting ml.com/relationships and merrilledqe.com.

Merrill Lynch, Pierce, Fenner & Smith Incorporated (referred to as Merrill or we) is registered with the Securities and
Exchange Commission (SEC) as both a broker-dealer and an investment adviser, and is a member of the Financial Industry
Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC), which is described at www.sipc.org.
Managed Account Advisors LLC (MAA), our subsidiary, is also an SEC-registered investment advisor. You can access free and
simple tools to research firms and financial professionals at investor.gov/CRS, which also provides educational materials
about broker-dealers, investment advisers and investing.
Brokerage and investment advisory services and fees differ and it is important for you to understand these differences. This
Form CRS provides a summary of the types of services we provide and how you pay. At Merrill, we offer both brokerage and
investment advisory services. You choose how you want to work with us:

Work one-on-one with your
dedicated Merrill Financial Advisor
(Advisor) and team who will give you
recommendations in a brokerage
account relationship for a per trade
charge and/or in an investment
advisory account relationship for an
annual asset-based fee.
Obtain the advice of Merrill Financial Utilize the Merrill Edge self-
Solutions Advisors (FSAs) in the Merrill directed (MESD) investing
Advisory Center program (MAC) via a call platform to handle your own
center or at a bank or wealth management brokerage trades for a per trade
center to access certain brokerage charge, or invest in self-guided
investment solutions for a per trade charge portfolios managed by Merrill
and/or through a selection of specific investment professionals for an
investment portfolios managed by Merrill annual asset-based fee.
investment professionals for an annual
asset-based fee.

The Summary of Programs and Services provides an overview of our primary programs.

What investment services and advice can you provide me?

BROKERAGE SERVICES • Access to investment solutions, research, financial tools,

In a brokerage account (Account), you pay commissions and investment guidance and market education.
other sales fees on a per transaction basis. We may • Trade execution for purchases and sales of securities,
recommend investments for your Account, but you make the and custody of the assets in your Account.
final decision to buy, sell or hold them.
• Margin lending (borrowing against the securities in your
From time to time, we may voluntarily review the holdings in Account).
your Account; however, for purposes of Regulation Best
Interest, we do not provide an ongoing monitoring service • Access to various account types.
or monitor your Account and Regulation Best Interest does • Cash management services (including direct deposit,
not require us to do so. Our Best Interest Disclosure check-writing, debit cards, electronic funds transfer) and
Statement provides material facts about a brokerage account, access to our Cash Sweep Program where uninvested
including material limitations on our offerings. cash in your Account is “swept” into interest-yielding bank
deposit accounts (affiliated with us) or, for certain account
The Cash Management Account (CMA) is our primary brokerage
types, into one or more money market mutual funds.
Account for retail clients. Our brokerage services include:
The MAC program providing brokerage services through an FSA
• Providing you with investment information, making
is only available to new clients for certain account types and for
investment recommendations, and responding to your
certain investment products. Brokerage services without the
trade instructions and other requests.
assistance of an Advisor or an FSA are available through MESD.
Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed, or provided by companies
that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp. Merrill
Lynch Life Agency Inc. (“MLLA”) is a licensed insurance agency and a wholly owned subsidiary of BofA Corp. Banking products are provided by Bank of America, N.A., Member FDIC and a wholly owned
subsidiary of BofA Corp.
Investment products offered through MLPF&S, and insurance and annuity products offered through MLLA:

Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value

Are Not Deposits Are Not Insured By Any Federal Are Not a Condition to
Government Agency Any Banking Service or Activity Page 1
 What investment services and advice can you provide me? (continued)
INVESTMENT ADVISORY SERVICES
Merrill offers a variety of investment advisory programs (IA
Programs). When you enroll in one of our IA Programs, we
act as your investment adviser and you receive the advisory
services as stated in its client agreement and brochure for
an asset based fee (and not on a per trade basis). You also
receive trade execution and custody services and access
to cash management services (including our Cash Sweep
Program). Each IA Program is described in the relevant
IA Program brochure, called an ADV brochure, available at
our websites listed at the top of page 1 of this CRS.
In certain of our IA Programs, you can make investment
decisions yourself, or, alternatively, you can grant us or a
third party the authority to make investment decisions for
your account on your behalf (discretion). Any discretionary
investment and trading authority is triggered when you
grant it to us and we keep this authority until you revoke it.
In certain IA Programs, MAA provides discretionary services
to you. MAA implements the investment strategies of
selected third-party managers and of Merrill, invests assets,
processes contributions and withdrawals, and provides other
services to your IA Program account.
You pay the IA Program’s specified annual fee (which, in
most instances, is a fee calculated as a percentage of the
assets in your account), payable on a monthly or quarterly
basis. We provide ongoing monitoring for an Account
enrolled in an IA Program as described in its IA
Program brochure.
Our IA Programs summarized below have differing service and
relationship approaches and requirements. Certain of the same
managed strategies are available in several of our IA Pro-
grams. You should evaluate which of our IA Programs are
right for you considering: your investment objectives; your
preferences on working with a personal Advisor whom you
select; accessing an FSA for advice or investing on a self-
guided basis; the scope of the investment strategies; and
solutions available in the various IA Programs and the fees.
Merrill Lynch Investment Advisory Program (IAP).
Provides investment advice and guidance from your
dedicated personal Advisor and access to a wide range
of investment solutions. You may choose to delegate
investment discretion to your Advisor or to an investment
manager (us or a third party). You may also choose to
retain investment discretion. The strategies include third-
party and Merrill-managed strategies as well as individual
funds, equities and fixed income securities.
Strategic Portfolio Advisor Service (SPA). Provides
investment advice and access to certain investment
strategies offered by a third-party investment manager
under a separate agreement with that manager.
Questions you can ask us about our services:
• Given my financial situation, should I choose an investment advisory service? Should I choose a brokerage service or both
types of services? Why or why not?
• How will you choose investments to recommend?
• What is your relevant experience, including your licenses, education and other qualifications and what do they mean?
Managed Account Service (MAS). Allows for the selection
by you, without a recommendation from us, of a third party
investment manager not currently available in one of our
other IA Programs.
Merrill Guided Investing with Advisor (MGI with Advisor).
Offers access to a defined list of investment strategies
managed by us provided through an online, guided interactive
website with advice and guidance from a MAC-based FSA.
Merrill Edge Advisory Account (MEAA). Offers access to a
defined list of investment strategies managed by us, with
advice and guidance from a MAC-based FSA.
Merrill Guided Investing (MGI). Provides access to a set of
investment strategies managed by us through an online,
self-guided interactive website.
Advice Access. Provides a self-guided, web-based service
to participant-directed defined contribution plans using
Merrill for recordkeeping. Services include providing
investor profile-based asset allocation recommendations
and certain specific investments to consider.
Institutional Investment Consulting (IIC). Provides
specified investment portfolio services to investment
portfolios of IIC-eligible clients.
BOTH INVESTMENT ADVISORY AND BROKERAGE
SERVICES
We offer a wide variety of investment products but limit
them based on factors such as account limitations, client
eligibility and our product approval process. We generally do
not offer investment products unless the product provider
has entered into agreements with us and, in certain
situations, agree to make payments to us for compensation,
revenue sharing and sub-accounting services. These
material limitations are further described in the
Best Interest Disclosure Statement.
Merrill utilizes its own broker-dealer capabilities as well as those
of its Affiliates, including BofA Securities, Inc. (BofAS),
to provide you with certain investments and services, including
trade execution and access to leading research.
The investment options we make available for brokerage
clients and IA Program-enrolled clients include products
sponsored by third parties. There are a limited number of
products in which we or our affiliates have an interest.
For a CMA Account (excluding an MESD account), there is a
minimum funding of $20,000 in cash and/or securities (with
a $2,000 minimum for a sub-account). Certain programs
and products are subject to minimum investment amounts
detailed in offering materials.
Not all account type options provide the services described
in this Form CRS.
Page 2

What fees will I pay?
BROKERAGE FEES
You will pay a fee for each transaction (commission, mark-
up/markdown or sales charge). It can be a direct payment
from you or a payment made to us by a product sponsor
out of the value of your investment.
These per transaction fees vary from product to product.
Additional fees, such as brokerage charges, custodian fees
and account maintenance fees, will apply. For MESD
Accounts, certain commissions and account maintenance
fees are waived or do not apply.
An overview of brokerage commissions and other charges
is included in the Best Interest Disclosure Statement;
Explanation of Fees; Schedule of Miscellaneous Account
and Service Fees; and at merrilledge.com/pricing. In
addition, trade confirmations and prospectuses for
certain investment products provide information about
the fees and costs of those products.
The more trades that you make in your brokerage
account, the more we and your Advisor get paid,
giving us a financial incentive to encourage
transactions in your account.
INVESTMENT ADVISORY PROGRAM FEES
You pay us an IA Program fee (payable monthlyor quarterly
depending on the IA Program) based on the value of the assets
in your account at the annualized fee rates listed below:
• IAP – Advisor-based advice on, and access to, a full list
of investments and managed strategies for a customized
rate (max 2.00%).
• SPA – Advisor-based advice on, and access to, dual contract
managed strategies for a customized rate (max 1.50%).
• MAS – Access, on an exception basis, to third-party
managed strategies not offered at Merrill for a customized
rate (max 1.80%).
• MGI with Advisor and MEAA – FSA-based advice on,
and access to, a list of managed strategies for 0.85%.
• MGI – Access to a limited list of managed strategies
on a self-guided basis for 0.45%.
• Advice Access – No separate fee charged.
• IIC – Access to IIC services for negotiated rate ( max 0.45%).
The IA Program fee includes payments for investment
advisory services, trade execution and custody at Merrill.
Advisors are paid compensation out of the IA Program
fee and other charges. If you select a third-party
managed strategy, a separate manager strategy fee will
apply. Certain Merrill-managed strategies have a separate
manager fee. There are no additional transaction fees
except as stated in the relevant IA Program brochure.
The more assets there are in your IA Program-enrolled
account, the more you will pay in fees, giving us a
financial incentive to encourage you to increase the
assets in your account.
Questions you can ask us about fees and conflicts:
• Help me understand how these fees and costs might affect my investments. If I give you $10,000 to invest,
how much will go to fees and costs, and how much will be invested for me?
• How might your conflicts of interest affect me and how will you address them?
ADDITIONAL FEE INFORMATION FOR BOTH
Certain transaction fees and charges may be discounted by
us or your Advisor based on your circumstances, any waiver
or discount requirements and the applicability of certain
reward and other rebate programs.
In addition to the fees you pay to Merrill and third-party
firms and managers, certain products have built-in fees and
expenses described in their product offering material.
You will pay fees and costs whether you make or lose
money on your investments. Fees and costs will
reduce any amount of money you make on your
investments over time. Please make sure you understand
what fees and costs you’re paying.
What are your legal obligations to me when
providing recommendations as my broker-dealer or
when acting as my investment adviser? How else
does your firm make money and what conflicts of
interest do you have?
STANDARD OF CONDUCT AND CONFLICTS OF
INTEREST
When we provide you with a recommendation as your
broker-dealer or act as your investment adviser, we
have to act in your best interest and not put our interest
ahead of yours. At the same time , the way we and our
affiliates make money creates some conflicts with your
interests. You should understand and ask us about these
conflicts because they can affect the recommendations and
investment advice we provide you. Here are some examples to
help you understand what this means:
Affiliate benefits. One or more of our affiliates receive
compensation and/or economic benefits in connection with
services provided and certain investment products that we
may recommend or make available to you.
Third-party payments for services. We receive
compensation from certain product sponsors for sub-
accounting and shareholder services we provide them. We
also have agreements with product sponsors to pay us
marketing support and other revenue sharing payments
under certain circumstances. Certain product sponsors pay
or reimburse us for various costs for client meetings, sales
and marketing materials and educational meetings.
Principal trading. Some of your securities transactions will
be executed with our affiliate BofAS that acts as a dealer
selling a security to you or purchasing the security from you
and receives dealer compensation. BofAS also acts as an
underwriter of new issue securities offerings and receives
underwriting compensation from the issuer for selling these
securities to institutional and retail clients, including you.
For more information about our obligations and conflicts of
interest, please refer to our Best Interest Disclosure
Statement and/or our IA Program brochures at our
websites listed at the top of page 1 of this CRS.
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 How do your financial professionals make money?
BROKERAGE
Sales Commission-based Compensation. Your Advisor is
primarily compensated based on the commissions and other
types of transaction fees and service charges related to
transactions in your Account. The level of compensation
is based on what we charge you for trade execution or
what we receive from sponsors for the sale of their
products.
The FSAs providing brokerage services in the MAC
program are compensated through a salary and certain
bonus payments for asset gathering.
Referral payments. Your Advisor or an FSA may share in
fees charged for services provided to you by us and our
affiliates.
INVESTMENT ADVISORY
For IA Programs, your Advisor receives a portion of the IA
Program fee that is based on the fee charged, subject to
certain fee minimum requirements.
For the MGI with Advisor and MEAA programs, an FSA
receives a salary and certain bonus payments for asset
gathering in these programs and in the MGI program, and
for completing required reviews.
GENERAL
We determine Advisor and FSA compensation based on the
experience of the person, the time and complexity required
to meet a client’s needs, the product sold and product sales
commission , other factors such as client and asset
acquisition and the revenue we earn. Certain products have
higher transaction fees and service charges than other
products. An Advisor will receive more compensation for
selling certain products over other products.
The nature of compensation payments based on transaction
execution or enrollment in certain types of investment
strategies and IA Programs represents a conflict of interest.
From time to time, product sponsors, distributors and other
product providers will provide us with certain permitted non-
monetary gifts, like promotional items, meals and access to
entertainment and other events as allowed and governed by
regulatory requirements.
Advisors who join Merrill from other firms are eligible for
bonus payments based on the assets that are transferred to
us and revenues generated from these accounts at particular
points in time.
Do you or your financial professionals have
legal or disciplinary history?
BOTH PROGRAMS
Yes. Please visit investor.gov for a free and simple tool to
search us and our financial professionals.
© 2020 Bank of America Corporation. All rights reserved. | 472482PM | MAP3052995 | 06/15/2020 | Effective June 30, 2020
Additional Information
GENERAL
For the latest copy of this disclosure, go to ml.com/CRS.
You may also call your Advisor or call us at 800.637.7455 and it
will be provided free of charge.
Our Best Interest Disclosure Statement will be provided
to you by your Advisor or by an FSA at specified times and
is available at ml.com/bestinterestdisclosure. Certain
client agreement forms and other disclosures are
available at the websites listed at the top of page 1 of
this CRS and from your Advisor or an FSA.
The IA Program brochures for the various IA Programs
available to you can be accessed at our websites listed on
page 1 of this CRS and in any event will be provided to you
upon enrollment in the particular IA Program you select.
We will provide you with additional transaction information
through other documents such as trade confirmations,
prospectuses, offering materials and account statements.
Questions you can ask us:
• As a financial professional, do you have any
disciplinary history? For what type of conduct?
• Who is my primary contact person? Is he or she a
representative of an investment adviser or a
broker-dealer?
• Who can I talk to if I have concerns about how this
person is treating me?
RESOURCES
Access ml.com or merrilledge.com for the following and
other information:
Summary of Programs and Services
Best Interest Disclosure Statement
IA Program Brochures
List of Account Types
Explanation of Fees
Merrill Schedule of Miscellaneous Account and Service Fees
Merrill Edge Schedule of Miscellaneous Account and
Service Fees
Sweep Program Guide
Mutual Fund Investing at Merrill
Offshore Mutual Fund Investing at Merrill
Making the Most of your Retirement Assets
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